Bears vs Bulls | 10 March 2017

Daily chart: the pair keeps slipping smoothly down. Is it potential low testing? Or full-featured drop preparation? Wait and see how support around 1.2124 will react.

Н4: oscillator convergence is getting more distinct, which is a reversal signal. Considering Bollinger envelopes range (1.2124-1.2238) we will expect the price to start rising only in case of upward breakout of 1.2238 possibly aiming at 1.2372 area (see dark arrow)

Н1: there is flat corridor of 1.2142-1.2180. Bollinger bands are steady, ADX is passive. However, I believe it's a trap - 40-pip range trading for Non-Farm Payrolls release is too little.

Expectations:

The first scenario - drop to 1.2124 region, if bulls manage to break this area, the price may drop further.

Second scenario - upwards breakout of 1.2180 followed by rise to 1.2238 aiming at 1.2372.

Solutions: bears try to push the price to 1.2124 or lower, while bulls try to push it to 1.2372. Good luck to everyone! :)